A townhome community in downtown Oklahoma City, Oklahoma, this association offers 88 high-end units. Neighborhood Services Corporation,An Associa® Company, has managed the community since 2021.
The board of directors recently transitioned from developer control to homeowner control in 2020. The community had a low reserve fund, and costs to supply residents with internet and cable annually were high. The board needed a management team to help organize and improve its financials.
The Neighborhood Services Corporation team worked with the board to clear up its expenses, income, and reserve accounts. Due to the amount of funds in its reserves, the management team helped the board set up a reserve study. A reserve study looks at the property and reserve account and analyzes all foreseeable capital improvements and repairs. From there, the management team and the board created a deferred maintenance plan. This will allow for the community to budget for future repairs appropriately. Lastly, the management team helped transition to a self-pay model for homeowners’ cable and internet.That helped cut the association’s budget by $250,000. Today, the community is pleased with successful financials management from Neighborhood ServicesCorporation.